As a seasoned analyst with over a decade of experience in the crypto market, I find myself closely monitoring the XRP price action. Currently, XRP is consolidating above the crucial support at $0.5080, which has been a strong base for the coin in recent times. However, it’s important to note that a clear break above the resistance zone at $0.5450 could potentially ignite a bullish momentum for XRP.
The cost of XRP is holding steady just above the $0.5080 support point. If it manages to break through the $0.5450 resistance, we might see a quick increase in its value in the short term.
- XRP price is still consolidating above the $0.5080 support.
The price is now trading above $0.5250 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.5450 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish pace if it clears the $0.5450 and $0.5500 resistance levels.
XRP Price Eyes Recovery
The cost of XRP continued falling, dipping below the $0.5350 mark and performing less favorably compared to both Bitcoin and Ethereum. In fact, it dropped quite significantly, falling even lower than the support at $0.5250.
The price dipped to $0.5070 and has since stabilized, showing signs of a temporary setback. There was a slight surge past $0.5250, but it didn’t last long. More recently, the price touched the 23.6% Fibonacci retracement level, which is a significant point following the downward trend from the peak at $0.6640 to the trough at $0.5070.
currently trades above $0.5250 and aligns with its 100-hour moving average. Potential obstacles for further increase may be found near the $0.5450 mark. Additionally, a significant downward trend line is developing on the hourly chart of XRP/USD, with resistance at $0.5450 as well.
Initially, a significant barrier lies around $0.5500. Following this, a notable obstacle could be at $0.5650. If the price manages to surpass $0.5650, it might push further up to encounter resistance at $0.580. Further increases could lead the price to face resistance at $0.6000 or potentially even $0.6050 in the immediate future.
Another Decline?
Should XRP not manage to surpass the $0.5450 barrier, there’s a possibility it might initiate another drop. A potential floor could be found around $0.5300. The subsequent significant support lies at approximately $0.5250.
If the price falls significantly and dips below the $0.5250 mark, it could potentially drop further towards the short-term support at $0.5120. A significant support level can be found around the $0.5080 region in the near future.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5250 and $0.5120.
Major Resistance Levels – $0.5450 and $0.5500.
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2024-10-07 07:34